Step 1: Place the chocolate in a medium metal bowl and then set the bowl over simmering water and stir until melted and smooth. Add sugar and cocoa and stir to blend. Whisk in 1/2 cup milk; whisking until sugar dissolves. Cool mixture to room temperature.
Step 2: Using an electric mixer beat cream until peaks form. Place remaining milk (1 cup), chocolate mixture, peanut butter and ice in a blender. Puree until smooth. Divide among 2 large glasses. Top with whipped cream and chocolate shavings.
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